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"Prior acts" (or "nose") coverage transfers the retro-active date for an old policy to a new insurance carrier—eliminating the need to purchase tail coverage from the last carrier. Nose coverage is usually less expensive than purchasing tail coverage from the old carrier. Tail coverage costs 2–3 times the expiring premium.
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, [1] may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the ...
Bodily injury (BI) liability: If you cause an accident with another driver or pedestrian, bodily injury liability coverage will help pay for medical expenses related to the other person’s ...
The uninsured motorist coverage and underinsured motorist coverage options are structured similarly to liability, but pay for your damages if someone hits you and doesn’t have any insurance or ...
Casualty insurance is mainly liability coverage of an individual or organization for negligent acts or omissions. [2] However, the term has also been used for property insurance, [citation needed] aviation insurance, boiler and machinery insurance, and glass [clarification needed] and crime insurance. [2]
If the basic policy includes coverage up to $1,000 for jewelry, for example, you may have the option to increase the coverage to $5,000 or more to cover all jewelry items.
Personal Umbrella Liability – You can add between $1 million to $5 million of liability coverage over and above your current policy limits, and with no deductible. While this is a valuable addition to your Home policy, the extended liability coverage also applies to your auto, seasonal, watercraft policies and more